The Dolan Company (NYSE:DM) announced today that it has received written notice from NYSE Regulation, Inc. that trading of The Dolan Company’s common stock and preferred stock on the New York Stock Exchange (“NYSE”) will be suspended before the NYSE opens on January 29, 2014. The Company expects to commence trading on the over-the-counter (OTC) market that same day under the symbol “DOLN” for its common stock and “DOLNP” for its preferred stock.
NYSE Regulation reached its decision to commence delisting proceedings with respect to the Common Stock and the Preferred Stock pursuant to Listed Company Manual (“LCM”) Section 802.01C (minimum share price) because the average closing price of the Common Stock reported on the Consolidated Tape had fallen below $1.00 per share over a consecutive 30 trading-day period.
Statement Regarding Forward Looking InformationThis release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts are forward-looking statements. Such forward-looking statements include statements using words such as “anticipate,” “expect,” “believe,” “continue,” “will,” “may,” “estimate,” “assume,” “presume,” “pursue,” “outlook,” “plan,” “goal,” “milestone” and similar expressions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: our ability to fund our ongoing operations, repay our indebtedness, pay dividends on our preferred stock, fund capital expenditures, make divestitures on acceptable terms, and make any acquisitions; our ability to comply with covenants in our debt instruments; our ability to obtain waivers from our lenders of any failure to comply with covenants in our debt instruments or of events of default; our ability to amend our debt instruments in the future; our ability to retain key customers and develop new customer relationships in our litigation support services segment; the possibility that we may have to record significant charges to earnings as a result of impairment of our intangible assets; our ability to retain key personnel; the adverse resolution of a future lawsuit or claim against us; the failure or disruption of our software systems, our document hosting, processing, conversion and review systems, or our website and online networks; the risk that our customers fail to timely pay us for our services, or at all; and the other risk factors described under “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2012, which we filed with the SEC on March 8, 2013, and those highlighted in our Form 10-Q for the quarter ended September 30, 2013, which we filed with the SEC on November 12, 2013. We undertake no obligation to update any forward-looking statements in light of new information or future events.